Account Recovery

MARCH 11, 2025

Why it matters: For professionals in debt collection agencies, debt buying companies, fintechs, banks, credit unions, and consumer finance firms, these findings underscore a growing vulnerability among older borrowers.

Credit Card Debt 130

Credit Card Debt Credit Unions Credit Unions Debt Buying 130

Account Recovery

DECEMBER 17, 2021

The RMAI Annual Conference is the premier event for the receivables management industry, bringing together key participants including debt buying … The post Beam Software Backs RMAI 2022 Annual Conference with Gold Sponsorship appeared first on AccountsRecovery.net.

Debt Buying 246

Debt Buying 246

Account Recovery

SEPTEMBER 10, 2021

Monterey offers debt buying, servicing, and delinquent debt recovery solutions. Monterey Financial Services announced earlier this week that it had purchased Continental Central Credit. Continental Central Credit is based in Carlsbad, Calif. Terms of the deal were not disclosed.

Financial services 246

Financial services Debt Recovery Debt Buying 246

Account Recovery

JANUARY 26, 2024

A pair of bills were introduced in the Maine legislature yesterday that both tackle the topic of medical debt. One would limit how medical debt credit cards are promoted and used and the other would give consumers the chance to buy their medical debts from a provider before they are sold to someone else.

Credit Card Debt 130

Credit Card Debt Debt Buying 130

Account Recovery

SEPTEMBER 3, 2021

The Acting Director of the Consumer Financial Protection Bureau has denied a petition from a debt buying company to set aside or amend a Civil Investigative Demand that was alleged by the company to be overly broad, rejecting all of the company’s arguments.

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Debt Buying Debt Management 233

Account Recovery

MARCH 20, 2024

The Court of Appeals of Virginia yesterday granted a petition for an en banc rehearing in the case it ruled on last month that overturned a lower court’s decision in favor of a debt buyer, ruling that the debt buyer had “scanty and incomplete” evidence to prove it owned the debt and thus had a […]

Debt Buying 130

Debt Buying 130

Account Recovery

NOVEMBER 3, 2023

As far as Encore Capital Group is concerned, this is the perfect storm — credit card originations and charge-offs are both rising faster than the company can keep up, leading to a huge supply of portfolios to purchase and more debts to collect, which is why the company is spending more money than it ever […]

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Debt Buying Collections 130

Account Recovery

FEBRUARY 22, 2024

In a ruling that could cause ripples throughout the debt buying and collection industry, a state Appeals Court in Virginia has overturned a lower court’s decision in favor of a debt buyer, ruling that the debt buyer had “scanty and incomplete” evidence to prove it owned the debt and thus had a right to collect […]

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Debt Buying Collections 147

Account Recovery

FEBRUARY 24, 2025

California Appeals Court Reverses Judgment in Debt Buyer Case A California Appeals Court has reversed a lower courts ruling in favor of a debt buyer, determining that consumers do not need to show actual damages to pursue statutory damages under the Fair Debt Buying Practices Act (FDBPA). More details here.

Debt Buying 130

Debt Buying Debt collector Credit Unions Credit Unions 130

Account Recovery

JANUARY 26, 2024

Collector Facing FDCPA Class Action for Not Honoring Terms of Settlement Judge Reduces Plaintiff’s Attorney Fee Award by 60% in FDCPA Case Medical Debt Bills in Maine Target Credit Cards, Debt Buying Less than Half of Consumers can Afford $1,000 Emergency Expense: Survey WORTH NOTING: A good news story for Friday — the smallest infant […] (..)

Credit Card Debt 147

Credit Card Debt Debt Buying 147

Account Recovery

NOVEMBER 3, 2023

Suit Accuses Collector of Ignoring Communication Channel Request, Demand Not to Verify Debt Judge Sanctions, Fines Plaintiff’s Lawyer Revenue Up at Encore as Company on Debt Buying, Hiring Sprees The Impact of Medical Debt on Consumers WORTH NOTING: With Daylight Savings Time ending this weekend, the political debate over whether to keep it or not (..)

Lawyers 147

Lawyers Debt Buying 147

Account Recovery

JANUARY 13, 2021

All certification categories—which includes debt buying companies, collection agencies, collection law firms, brokers, … The post RMAI Receivables Management Certification Program Continues to Expand – Certifies First Process Server appeared first on AccountsRecovery.net.

Law Firms 147

Law Firms Debt Buying Collections Agency Collection Agencies 147

Account Recovery

MARCH 12, 2024

A consumer has filed a petition with the Consumer Financial Protection Bureau for the regulator to require debt collection and debt buying organizations disclose how much a debt was purchased for or how much they are poised to receive upon collection of a debt as a means of improving the transparency in the collection process. […]

Debt Buying 130

Debt Buying Collections 130

Account Recovery

SEPTEMBER 21, 2023

Having learned from one of the legends of the accounts receivable management and debt buying industries, it’s no wonder that Shannon Battani has forged a successful career for herself. Even though she is someone who relishes in helping her colleagues and co-workers, Battani understands the importance of being a good listener.

Accounts Receivables Management 130

Accounts Receivables Management Debt Buying 130

Account Recovery

SEPTEMBER 12, 2023

The Securities and Exchange Commission yesterday filed a lawsuit in Minnesota federal court accusing a debt buying company and its owner of defrauding investors who committed nearly $3 million that was intended to buy portfolios of distressed debt that would be placed with third-party agencies for collections, some of which was instead used to cover (..)

Debt Buying 130

Debt Buying Collections 130

Account Recovery

SEPTEMBER 19, 2024

Why it matters for the industry: For professionals working in collection agencies, debt buying firms, and financial services, this trend signifies increased competition and pressure to adopt similar “end-to-end” service models or risk falling behind in the market.

Healthcare 130

Healthcare Collections Acquisition Collections Agency 130

Nerd Wallet

JANUARY 6, 2022

That might mean finally paying off debt, buying a house or taking a long-delayed vacation. In addition to the new year bringing confetti and a fresh calendar, it’s a time to set big money goals for the next 12 months. With inflation and economic uncertainty clouding 2022, shoring up your finances this month can feel.

Debt Buying 102

Debt Buying 102

Nerd Wallet

DECEMBER 17, 2021

With an $82,000 pile of debt, buying a house seemed far in the distance for Ehren Sixon and his wife, Florida residents who embarked on a debt-free journey in 2016. They opted for the debt snowball method, a debt payoff strategy that encourages motivation by quickly attacking the smallest balances first.

Debt Buying 93

Debt Buying 93

Credit Corp

MARCH 1, 2023

However, you can’t actually do this due to how debt buying works. Debts of this nature are sold in large bundles to debt collectors and other agencies. Learn more about how debt buying works, why it’s not an answer to your debt concerns, and what you can do to handle debt instead below.

Debt Buying 81

Debt Buying Creditors Credit Card Debt Original Creditor 81

Nexa Collect

JUNE 18, 2023

Compliance with Laws and Regulations : Medical collection agencies must comply with various laws and regulations such as the Fair Debt Collection Practices Act (FDCPA) which sets standards for how debt collectors must conduct themselves. There are also state laws that can affect the process of medical debt collection.

Collections Agency 130

Collections Agency Collection Agencies Collections Healthcare 130

Account Recovery

JUNE 29, 2021

The governor of Minnesota has signed a number of omnibus bills into law, one of which contains provisions that expand the regulation of the accounts receivable management industry to include debt buyers, a new term that the state is defining for the first time. Tim Walz signed the bills into law this past Saturday. … The post Minn.

Accounts Receivables Management 246

Accounts Receivables Management Debt Buying 246

Account Recovery

FEBRUARY 18, 2021

The Third Circuit Court of Appeals has affirmed a lower court’s ruling in favor of a defendant that was sued by a debt buyer for failing to provide the proper information for accounts that were purchased by the buyer because it did not send its emails to the address noted in the underlying agreement.

Debt Buying 246

Debt Buying 246

Account Recovery

JANUARY 6, 2021

A group of eight state attorneys general filed suit yesterday in federal court in New York to block a rule that was issued by the Office of the Comptroller of the Currency that aimed to close a gap in the process of banks selling loans to third parties, such as debt buyers, arguing that the … The post States Sue Bank Regulator to Overturn ‘True (..)

Lender 246

Lender Banks Loans Debt Buying 246

Account Recovery

FEBRUARY 14, 2022

A District Court judge in California has sided with the Office of the Comptroller of the Currency, a federal regulator of banks, after it was sued by three states — California, Illinois, and New York — for allegedly overstepping its authority when it issued a rule ensuring the terms of a loan remain valid after … The post Court Rules (..)

Banks 246

Banks Loans Debt Buying 246

Account Recovery

JULY 14, 2021

years yesterday and ordered to pay more than $12 million in unpaid taxes, penalties, and interest after being sentenced by a federal judge after pleading guilty to selling fake debt portfolios that earned him more than $7 million. Joel Tucker was ordered to immediately begin serving a prison term of 12.5

Debt Buying 246

Debt Buying 246

Account Recovery

MAY 10, 2022

Decreasing supply of portfolios available to be purchased led to a marked drop in the amount of portfolio purchases by PRA Group in the first quarter of 2022, according to financials released by the company yesterday, while company Chief Executive Kevin Stephenson noted that, “if history teaches us a simple lesson, more is coming,” during (..)

Debt Buying 246

Debt Buying 246

Account Recovery

JANUARY 18, 2022

A debt buyer has filed suit against Citigroup, accusing the mega-bank of a “classic ‘bait and switch’ ” by promising to sell delinquent credit card portfolios containing accounts with certain characteristics, but instead putting accounts into the portfolios that had a much lower chance of recovery.

Banks 246

Banks Debt Buying 246

Account Recovery

FEBRUARY 23, 2024

A $238 million impairment as a result of low purchase volumes by its European division darkened the financial results for Encore Capital Group this week, but the company says it is poised to capitalize on a number of economic and market conditions that are in its favor for 2024. For all of 2023, Encore reported […]

Debt Buying 246

Debt Buying 246

Account Recovery

JANUARY 11, 2022

A debt buyer that was sued yesterday by the Consumer Financial Protection Bureau said in a statement that it intends to fight the lawsuit and said the CFPB’s suit referenced six accounts in which allegedly illegal activity took place before the debt buyer was even in business and “embellishes them to make a case.”

Debt Buying 246

Debt Buying 246

Account Recovery

MAY 19, 2022

The Court of Appeals for the Fifth Circuit has reversed a lower court’s dismissal of a lawsuit filed by a debt buyer against a creditor that sold portfolios of delinquent and defaulted debt, ruling that the disputed portion of the contract between the two parties was enforceable.

Creditors 246

Creditors Debt Buying 246

Account Recovery

NOVEMBER 14, 2022

The Supreme Court of North Carolina voted three-to-three — with one justice abstaining — in a case involving a consumer suing a debt buyer alleging it violated the North Carolina Economic Protection Act when the debt buyer sued to collect on an unpaid debt but allegedly did not submit all the paperwork it needed to … The post N.C.

Collections 245

Collections Debt Buying 245

Account Recovery

FEBRUARY 16, 2021

February 11, 2021 (Sacramento, CA)?– Members of Receivables Management Association International (RMAI) elected Officers and Directors to its Board for 2021. Due to the pandemic which created so much uncertainty and program cancellation, all 2020 officers will be serving in their same positions for 2021.

Debt Buying 242

Debt Buying 242

Account Recovery

SEPTEMBER 15, 2021

The California state Senate has followed the Assembly in passing AB1020, a bill that would restrict hospitals from selling certain patient debts, require collectors to certify that patients have been screened for public programs and financial assistance before filing a collection lawsuit, and extend the period before a debt could be placed with a collection (..)

Collections 234

Collections Debt Buying Healthcare 234

Account Recovery

APRIL 7, 2021

CHICAGO — April 6 — CMS Services, a leading provider of compliance management services to the Accounts Receivable Management industry, is excited to announce the launch of its Bank Terms & Conditions portal, providing copies of the terms and conditions issued by hundreds of credit grantors and financial institutions nationwide from (..)

Creditors 195

Creditors Accounts Receivables Management Financial Institution Banks 195

Troutman Sanders

NOVEMBER 30, 2021

We report on several sectors within the consumer financial services industry, including payment processing and prepaid cards, debt buying and debt collection, credit reporting and data brokers, background screening, cybersecurity, mortgage lending and servicing, auto finance, and state AG, CFPB, and FTC developments.

Financial services 52

Financial services Debt Buying Collections 52

Katabat

JANUARY 24, 2020

January 23, 2020 (Sacramento, CA) – Katabat, a leading cloud-based debt-collection software provider, will serve as a Gold Sponsor of this year’s RMAI Annual Conference. Katabat is also sponsoring an education session on Wednesday from 11:30 am to 12:20 pm, “Fintech and the Future of Debt-Buying: Are You Ready?”

Debt Buying 40

Debt Buying Law Firms Collections Agency Collection Agencies 40

FFGN COLLECT NY

DECEMBER 12, 2023

In addition, the attorney must provide a list of income types protected from collection should the court grant the debt collector a judgment on the case. You must inform consumers about the debt specifics. Debt buying is a common practice in New York.

Debtor 52

Debtor Debt collector Debt Buying Original Creditor 52